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(Bloomberg) — Daisuke Sasaki has seen his cloud-based accounting company’s valuation swell to $3.7 billion despite having yet to show a profit, but he’s not letting that pressure him.

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Shares of Freee K.K. have quadrupled since going public on the Tokyo Stock Exchange in December, along with rising demand for cloud services amid the remote-working trend.

“We don’t have a set timeframe for when the company will swing to profits,” Sasaki, founder and chief executive of Freee, said in an interview on Aug. 17. “Our business is about subscription.”

The Tokyo-based firm’s stock is one of the many technology names that have surged during Covid-19, fueled by investor euphoria over stay-at-home and DIY themes. While the pandemic roiled the outlook for companies around the world, U.S. accounting software giant Intuit Inc. beat recent earnings estimates, helped by better-than-expected growth for its cloud-based service for small businesses.



chart: Shares of cloud accounting firm have nearly quadrupled since IPO


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Kioxia had planned to list on the Tokyo Stock Exchange on 6 October. Photo: Getty
Kioxia had planned to list on the Tokyo Stock Exchange on 6 October. Photo: Getty

The world’s second-largest maker of NAND flash memory chips, Kioxia is considering delaying Japan’s biggest initial public offering (IPO) as tensions between the United States and China ramp up.

Earlier this month, the company which spun out of Toshiba Corp (TOSBF) in 2018, set a tentative price range for an IPO in Tokyo to raise as much as $2.9bn (£2.3bn).

Toshiba has retained roughly 40% of Xioxia, with the rest held by a group of Japanese, US and South Korean investors.

The Japanese chipmaker was due to reveal its final pricing on Monday, instead Xioxia’s board is reportedly meeting on Monday to discuss its options, according to the Financial Times.

Kioxia had planned to list on the Tokyo Stock Exchange (JPXGY) on 6 October, at a valuation of more than $14bn. The company warned tighter

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